Bangladesh, Singapore to finalise FTA by 2026
The two countries reaffirmed their commitment to further strengthen bilateral ties and expand cooperation in emerging areas during the Fourth Foreign Office Consultations (FOC) held in Singapore yesterday
Bangladesh and Singapore have reiterated their commitment to finalise the Free Trade Agreement (FTA) between two countries by 2026.
They also agreed to work towards concluding the agreement on customs cooperation, the revised protocol for the avoidance of double taxation, the treaty on mutual legal assistance in criminal matters and the MoU on cooperation in the field of tourism.
The two countries reaffirmed their commitment to further strengthen bilateral ties and expand cooperation in emerging areas during the Fourth Foreign Office Consultations (FOC) held in Singapore yesterday (14 April), said the Ministry of Foreign Affairs.
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The Bangladesh delegation was led by Foreign Secretary Md Jashim Uddin and the Singaporean side was led by Permanent Secretary, Ministry of Foreign Affairs Luke Goh.
The consultation reviewed issues covering the entire range of bilateral cooperation between the two countries.
The two sides held detailed discussions on inter alia, trade and investment, power and energy, connectivity, digital economy, health, agriculture, waste management, tourism and human resource development.
Regional and global issues were also discussed.
The ongoing negotiations on the conclusion of the FTA featured prominently in the discussion.
Foreign Secretary Jashim Uddin highlighted Bangladesh's reputation as a reliable source of high-quality and competitively priced products such as ready-made garments, pharmaceuticals, leather goods, ceramics, jute products and footwear.
He urged the Singaporean side to encourage the businesspeople to engage more in these sectors so as to achieve a more balanced trade relationship.
Recognising Singapore as one of the top investors in Bangladesh, the Foreign Secretary invited more Singaporean investment, particularly in the energy sector and Economic Zones of Bangladesh.
The discussions also focused on prospective collaboration in agricultural technology, agri-logistics, contract farming, and tourism infrastructure.
Both sides acknowledged the remarkable contributions of Bangladeshi nationals currently working in Singapore and discussed future cooperation in human resource development, including training and skill enhancement initiatives.
The Foreign Secretary also sought Singapore's support in developing a Waste-to-Energy Plant to strengthen sustainable energy generation in Bangladesh.
Bangladesh conveyed its appreciation to Singapore for supporting its bid to become a Sectoral Dialogue Partner of Asean and expressed interest in joining the Asean Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP).
Regional issues, including climate change, migration, and developments in South and Southeast Asia also came up for discussion.
At the conclusion of the Consultations, the Foreign Secretary thanked his Singaporean counterpart for the warm welcome to Bangladesh delegation and extended an invitation to him to visit Bangladesh for the next round of foreign office consultation.
